ERP systems are involved with businesses over the years and now it has become a part of the company, as the businesses are getting ERP savvy they demand more features for improving the productivity of their teams.
ERP system is mostly used by the finance and accounting team, as they handle a very crucial part of the company i.e. maintaining the integrity of the system.
As they have to tackle with the financial statements and reports, they need accuracy and precision as the wealth and health of the organization depends on their insight and assessment.
Therefore, Microsoft keeps on updating the ERP systems that can improve the overall productivity of the organization.
One of the leading products of Microsoft for the finance department is Microsoft Dynamics 365 Finance and Operations that helps businesses to adapt and grow quickly to changing market demands and drive rapid business growth.
Let’s check out some of the main features of the Dynamics 365 for finance and operations that can aid in improving finance team productivity.
- Easy creation of Entry Forms
With an increase in the use of shared services model, it was difficult for a human to utilize it as it was always needing to switch the multiple legal companies.
But with the new optimization Dynamics 365 Finance and Operations has resolved the issue, now users can create purchase invoices for purchase orders or enter a journal entry in other entities without switching between multiple legal entities.
- Easy Exchange Rate Integration
As you know in this time many organizations are tied up with the overseas companies or are having a global presence.
So, it becomes difficult to maintain the exchange rate as users need to create exchange rates every day/week/month.
Suppose an organization is dealing with many countries having different currency units, adding the complexity in maintaining the data.
But what if this burden gets reduced?
Yes, it will as Dynamics 365 FO can easily integrate with the exchange rate providers and this will reduce some of the burden of finance/accounting team.
- Bank Reconciliation
The bank reconciliation process is the toughest one as it manually matches the bank account statement with the ERP system data or a custom process is prepared for importing the statements.
But with the advance version of bank reconciliation, one can have industry-wise bank statement formats that can be imported into Dynamics 365 FO.
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The system is so seamlessly managed that you can either match the data either by accounts and/or dates. This upgraded feature can highly boost the productivity of the finance team.
- Global Localization
ERP is being rollup throughout the globe, so it becomes mandatory to work on permitting requirements of an individual country or state.
Dynamics 365 FO brings, reach out of the box localization features for different countries that can help the finance team to generate and take control of reports that are specific to each countries’.
- Auditing Control
If an organization needs to have strict auditing control from the duplicate vendor invoices that are entered.
Most organizations opt the different systems to monitor duplicate expenses, spenders and to audit sample data.
This becomes such a painful and worrisome work for the finance team but with Dynamics 365 FO, you can use its in-built audit workbench that helps you in running samples and providing additional controls and visibilities to the finance team.
- Budget Planning and Controlling
The new Dynamics 365 FO has an in-built capability to plan your budgets with the current company’s scenario and quantity with different workflow stages and approvals.
Not only this, with the new Dynamics 365 FO you can set-up tighter control on the project budgets like project cost control, purchasing cost control etc. giving you the wider visibility on the expenses and allowing to plan better for the future.
- General Electronic Reporting
Dynamics 365 FO has introduced the General Electronic Reporting module that can help the finance users to modify the data which is required for the vendor payments, custom collections, etc.
In earlier days it was dependent on the developers to design such a module with accuracy in output.
This all main features of the Dynamics 365 Finance and Operations can solve the very major issues faced by the finance team and can help them to improve their productivity.
If you are looking for technical consultants to upgrade the Dynamics 365 Finance and Operations, click here and deploy the resources at the earliest.
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